Circle Internet Group (NYSE:CRCL) Trading Down 7.9% - Here's Why

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report)'s stock price traded down 7.9% during trading on Friday . The company traded as low as $185.18 and last traded at $186.90. 9,277,564 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 39,168,617 shares. The stock had previously closed at $202.90.

Analyst Upgrades and Downgrades

CRCL has been the subject of several recent analyst reports. Sanford C. Bernstein assumed coverage on shares of Circle Internet Group in a research report on Monday, June 30th. They set an "outperform" rating and a $230.00 price objective for the company. Citigroup initiated coverage on shares of Circle Internet Group in a research report on Monday, June 30th. They set a "buy" rating and a $243.00 price target on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on Circle Internet Group in a report on Monday, June 30th. They set a "hold" rating and a $155.00 price target for the company. Barclays assumed coverage on Circle Internet Group in a research note on Monday, June 30th. They issued an "overweight" rating and a $215.00 price objective on the stock. Finally, Mizuho assumed coverage on Circle Internet Group in a research note on Tuesday. They set an "underperform" rating and a $85.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $182.09.

Circle Internet Group Price Performance

The stock has a market cap of $41.56 billion and a P/E ratio of -14,758.18.

Insider Transactions at Circle Internet Group

In other news, Director Patrick Sean Neville sold 1,000,000 shares of the company's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $29.30, for a total transaction of $29,300,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Jeremy Fox-Geen sold 200,000 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $29.30, for a total value of $5,860,000.00. Following the completion of the transaction, the chief financial officer owned 320,371 shares in the company, valued at approximately $9,386,870.30. This represents a 38.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,682,884 shares of company stock valued at $195,808,501.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Westbourne Investments Inc. bought a new stake in shares of Circle Internet Group during the second quarter worth about $204,000. Brand Asset Management Group Inc. acquired a new position in Circle Internet Group during the 2nd quarter valued at about $272,000. Wealth Enhancement Advisory Services LLC acquired a new position in Circle Internet Group during the 2nd quarter valued at about $673,000. Baader Bank Aktiengesellschaft bought a new stake in Circle Internet Group during the 2nd quarter worth approximately $1,083,000. Finally, Exchange Traded Concepts LLC purchased a new stake in shares of Circle Internet Group in the second quarter worth approximately $18,397,000.

Circle Internet Group Company Profile

Founded in 2013, Circle's mission is to raise global economic prosperity through the frictionless exchange of value. We intend to connect the world more deeply by building a new global economic system on the foundation of the internet, and to facilitate the creation of a world where everyone, everywhere can share value as easily as we can today share information, content, and communications.